UAE, ICAEW collaborate to guide businesses in digital currency
The UAE is one of only 36 countries worldwide currently piloting the implementation of CBDCs
The UAE Banks Federation (UBF) has recently formed a partnership with the Institute of Chartered Accountants in England and Wales (ICAEW) to assist companies in navigating the rapidly evolving digital assets domain. This initiative coincides with the UAE’s pioneering pilot of Central Bank Digital Currencies (CBDCs), placing the nation at the vanguard of financial innovation.
CBDCs are the digital representations of a country’s official currency, issued and regulated by the central bank. Moreover, they are designed to coexist with traditional physical currencies, providing a secure and efficient mode of digital transactions.
The UAE is one of only 36 countries worldwide currently piloting the implementation of CBDCs.
Upskilling and compliance for secure digital integration
Furthermore, according to Jamal Saleh, director-general of the UAE Banks Federation, the UAE’s progressive approach to CBDCs and AI has positioned the country at the forefront of financial innovation. Saleh stated that embracing digital assets offers vast opportunities, but it also necessitates robust cybersecurity measures and interdepartmental collaboration. He emphasized that through joint efforts, such as the work with ICAEW, and continuous upskilling, companies can achieve secure and compliant integration of digital assets.
UAE’s proactive CBDC adoption
For her part, Hanadi Khalife, head of Middle East at ICAEW, stated that the UAE is setting a global standard with its proactive adoption of CBDCs. She further said that their partnership with the UAE Banks Federation is a testament to their commitment to guiding this transformation. Khalife emphasized that accountants play a crucial role in ensuring organisational compliance and success in this new digital era.
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